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USDA's weekly Crop Progress report showed 57% of US corn in good-to-excellent condition, up 2 points, while soybean condition was unchanged. Corn maturity was 29% as of September 22, far behind the five-year average of 57%.
The corn harvest reached 7%, also behind average.
The slight improvement in corn ratings is modestly bearish, but the crop is still far behind schedule and the rating is the lowest for this time of year since 2013. Late maturity keeps some weather risk in the market.
dtnpf.comAnthony GrederSep 23, 2019After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
